India has the 3rd largest startup ecosystem in the world, and it is expected to grow consistently. If you’re a startup or small- business, you might feel like a small fish trying to navigate through shark-infested waters with all the competition from alike small businesses and intimidation from big companies.
Setting up a business is no easy feat on its own. And with Covid-19 wrecking the economy, it has been harder than ever. A lot of small businesses have been drastically affected by Coronavirus. However, businesses have started to adapt to the post covid market now by taking the changes in stride and working towards positive changes. With so many new opportunities to explore, now might be the best time to dive into your Entrepreneur Career!
Starting a small business is not a whim, it is a decision that you should carefully ponder before making any investments. A few aspects that one should keep in mind while making such a decision are:
- Don’t just go for an idea because it is trendy or popular. Always align your business model with your passions and interests so that business feels always feels exciting.
- Don’t enter a business that is already oversaturated. Do due research to find a business niche that has high demand but less competition.
- Think out of the box- do something creative that others are not doing. This is what is going to make your business stand out and help you make a lasting impression in the market.
Here are a few business ideas for the new age entrepreneur in India:
1. Yoga & Meditation Studios
With modernization, over-indulgence, unattainable goals, and 24*7 access to the media, internet, people, life has gotten very fast-paced. According to The American Institute of Stress: About 33 percent of people report feeling extreme stress. 77 percent of people experience stress that affects their physical health. 73 percent of people have stress that impacts their mental health. The frustration and isolation brought by the coronavirus pandemic have only worsened the problem.
So, how can your business offer a solution to this problem? You can use this opportunity to help people get out of their physical and mental humdrum existence through yoga and meditation studios. You can consider setting up your own yoga studio and if it is something that you’re passionate about, you can also become an instructor. There is a lot of demand for small businesses that provide yoga and meditation training.
2. Digital Marketing
Digitalization has taken over the world and the business industry is no exception. With almost all businesses going online, the demand for digital marketers is more than ever!
Digital marketing is also called online marketing. It is the promotion of brands to connect with potential customers using the internet and other forms of digital communication including email, social media, and web-based advertising. There are a lot of digital marketing courses available online that will make you eligible to venture into the digital marketing business. You can set up your own business or work as a freelancer.
3. Virtual Reality
The first mover’s advantage is always considerable. Virtual Reality is the next big thing and the market still hasn’t been completely cemented yet. Virtual Reality, or VR, is the use of computer technology to create a simulated environment that can be explored in 360 degrees. If you dive into this business now, you have many unexplored avenues with little competition.
In fact, Virtual reality marketing is being incorporated by more and more brands into their marketing strategy. Don’t worry if you are not from a technical background. You can make a break in this promising field if you just have the passion to learn! You can create a blog to write about new technologies and developments in the field and earn through affiliate marketing.
4. Good Quality Pet Food Business
People love their pets. The number of households with pet dogs and cats in India accounted for approximately 17 million and 1.5 million respectively in 2018.
However, there are only a limited number of companies that are active players in the pet food business. This has led to a monopoly of big and expensive brands in the business. You can start a homegrown business by providing good quality, nutritious and delicious pet food to cater to Indian pets. Customers will be happy to be able to have more options to choose from!
5. E-commerce Store
When you think about E-commerce stores, amazon and Flipkart are some names that come to mind. If the huge success of these companies does not already inspire you to step into the E-commerce stores, E-commerce stores enjoy huge profit and sales with the right strategy. You don’t have to worry about Budget restrictions that are present when setting a store.
Setting up an online store is always easy, affordable, and convenient. With the right apps and plugins, you can set up your new business online in no time! Once you become comfortable with creating new listings, adding product pictures, payment gateways and cashback offers to your store, your efforts will pay for themselves!
6. YouTube Channel
Long gone are the days when people said YouTube can not be a career. YouTube is the perfect medium to combine passion with business. There is already a large number of businesses that use YouTube as their primary medium like the educational channel Freecodecamp. You can interact with your audience and earn money through advertisements and affiliate marketing.
7. Website Rentals
Designing websites is no easy task. It is a long and tedious process. When you are trying to start a business, having to worry about creating your own website is just another hassle. What if you could just rent a pre-made website to use? This is the business model for website rentals.
Developers design several websites for a particular in one go and rent it out to businesses, which pay monthly or quarterly for its use. This is a lucrative field that is gaining more and more popularity these days so if you are a good coder, you can look into this business idea. There are also a number of programming and website development courses that you can take to get started.
8. Make a local grocery delivery app
You are cooking a meal and realize you’ve run out of an important ingredient. Wouldn’t it be amazing if you could have the groceries delivered to your house instead of having to go to the store? There are already a few apps that deliver groceries to your house. But it is still a highly promising field since you can localize your app!
You can set up your own grocery delivery service concentrated in a single city. If all goes well, you can slowly expand your grocery delivery business to other cities!
9. Consultancy
A consulting firm or simply consultancy is a professional service firm that provides expert advice for a fee. Consultancy business is an age-old profession that has withstood the test of time. Consultancy is one of the top business ideas even to this day. It is an open-ended field with many avenues differing from accountancy to law to management to finance.
10. Dating sites
The second Covid wave has led to a 20-25% surge in new users signing up on dating platforms. With the dating market booming and people being more willing to use dating apps, 2022 is the time to invest in a dating business!
You can create a dating app that is specialized for the Indian audience. Something that provides more privacy, less casual hook-ups, and more long-term relationships.
11. Skin and environment-friendly beauty products
The skincare market is growing at a breakneck speed for many years now. People are always concerned about their physical appearance and with the crazy beauty standards of society, the skincare industry never sleeps. Due to rising concerns of harmful chemicals in beauty and cosmetic products, many people are now resorting to chemical-free or herbal beauty products. This is a high-score business that the new-age Indian entrepreneurs should look out for.
You can make your products herbal and chemical-free. You can start out by focusing on a single cosmetic product and expand to more as your business gets recognition.
12. Social media for buying and selling
Social media E-commerce is on the rise with social media providing so many opportunities to promote, buy, sell and exchange products/services. Facebook, Instagram, Twitter, YouTube, and even Whatsapp are great places to sell your products and services.
You can start your baking business or thrift store using just social media to reach your customers and advertise your products!
Conclusion
Remember, a big business starts small! The key to achieving success is working towards your goals consistently, even when the results are not immediately visible. A business is a lucrative career field for anybody. We hope that these 12 Small Business Ideas helped you, aspiring Indian Entrepreneur.
